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Spirit Airlines reveals plan to cut jobs, sell planes
The share price of cash strapped Spirit Airlines surged again more than 20% on its latest plan to cut costs.
The airline has detailed a plan to sell off aircraft and cut jobs.
It expects to bring in over $500 million by selling 23 older Airbus jets
It will also save about $80 million with some job cuts.
The airline hasn’t said exactly how many jobs will go.
It recently started furloughing pilots and enabled cabin crew to take voluntary leaves of absence.
The airline recently secured extra time to renegotiate its debt restructuring, which saw a bump in its share price.
Shares also rose tis week on new Spirit Airlines has been back in talks with Frontier Group Holdings.
Frontier was edged out by JetBlue during a bidding war only for the JetBlue-Spirit deal to ultimately get blocked.
The Wall Street Journal claims the two companies have been in recent discussions, although there is no guarantee a deal will be done.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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